Musician Billy Joel has chosen not to renew the lease at his 20th Century Cycles shop in Oyster Bay when it expires in late September, his rep confirms to PEOPLE. The rocker will also be auctioning off his personal motorcycle collection,

Billy Joel will be closing 20th Century Cycles, his popular motorcycle shop on Long Island. For the past 15 years, the Oyster Bay shop has showcased the singer's private collection of expensive and rare motorcycles, which he spent decades gathering.